What Documents Do I Need When Applying for a Mortgage?
Purchasing a home can be a long and stressful process. However, you can avoid a lot of that stress by being properly prepared. Aside from actually having a pre-approval letter from a lender, the best thing you can do is have your documents ready.Technology has allowed lenders to be able to document some of this information instantly. However, having electronic copies of these documents ready is always a good idea.
First off, you need to prove you are who you are. A driver’s license, or other state issued photo ID, will be required by your lender; they will also need to confirm your social security number. The ID allows them to verify your address from the previous two years.
Lenders also want various income and bank statements. You will need to be able to prove that you have had steady employment for the previous two years. Pay stubs from the previous two months will need to be provided. If you are self-employed the lender may require other documents as well. To verify your assets lenders will want to see bank statements. Your credit report will also be pulled when applying for a home loan. Lenders use all this information to verify that you can not only financially handle your mortgage payments, but that you will make timely payments as well.
When applying for a mortgage it is extremely important to be prepared. Having the proper documentation ready will make working with a lender much easier. If you’re ready to start your home buying process contact United Home Loans today to be pre-approved for your mortgage home loan.
Use the mortgage checklist below to help you prepare for your mortgage application:
- Federal tax returns (all pages) and W2 forms for the last two years
- Last two pay stubs
- Most recent bank and investment statements (all pages)
- Copy of fully executed purchase agreement
- Name and number of insurance agent
Questions? Contact us below or at 708-531-8388.